Aberdeen Investment Funds NPORT-P Aberdeen Global Equity Impact Fund (formerly Aberdeen Select International Equity Fund II) (Jul 2020 report)

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

	Shares		Value
COMMON STOCKS (103.6%)
AUSTRALIA (3.4%)
Health Care (1.0%)
Cochlear Ltd.		8,699	$	1,187,097
Real Estate (2.4%)
Goodman Group, REIT		246,700		2,999,526
				4,186,623
CANADA (2.7%)
Consumer Staples (2.7%)
Alimentation Couche-Tard, Inc., Class B		96,800		3,364,097
CHINA (15.5%)
Communication Services (3.9%)
Tencent Holdings Ltd.		70,400		4,829,310
Consumer Discretionary (9.0%)
Alibaba Group Holding Ltd., ADR(a)		23,784		5,970,260
Li Ning Co. Ltd.		658,000		2,120,869
Shenzhou International Group Holdings Ltd.		251,600		3,005,293
				11,096,422
Financials (2.6%)
Ping An Insurance Group Co. of China Ltd., H Shares		295,000		3,112,610
				19,038,342
DENMARK (2.8%)
Health Care (2.8%)
Novo Nordisk AS, Class B		51,872		3,403,455
FRANCE (14.0%)
Communication Services (4.8%)
Ubisoft Entertainment SA(a)		39,255		3,278,673
Vivendi SA		100,534		2,667,812
				5,946,485
Energy (2.3%)
TOTAL SA		74,002		2,800,509
Financials (1.7%)
AXA SA		106,065		2,128,055
Industrials (5.2%)
Alstom SA(a)		39,600		2,206,636
Schneider Electric SE		18,000		2,063,943
Vinci SA		24,700		2,125,807
				6,396,386
				17,271,435

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

GERMANY (8.2%)
Real Estate (3.8%)
Vonovia SE	72,400	$	4,679,635
Utilities (4.4%)
RWE AG	144,300		5,439,297
			10,118,932
HONG KONG (2.7%)
Financials (2.7%)
AIA Group Ltd.	362,200		3,265,935
ISRAEL (3.3%)
Information Technology (3.3%)
NICE Ltd.(a)	19,837		4,074,254
ITALY (4.5%)
Utilities (4.5%)
Enel SpA	608,500		5,574,180
JAPAN (8.2%)
Consumer Discretionary (2.9%)
Sony Corp.	45,500		3,535,123
Consumer Staples (1.8%)
Welcia Holdings Co. Ltd.	24,600		2,254,216
Health Care (1.9%)
Asahi Intecc Co. Ltd.	82,800		2,310,218
Industrials (1.6%)
Nihon M&A Center, Inc.	41,000		1,996,414
			10,095,971
LATVIA (0.0%)
Financials (0.0%)
AS Parex Banka(a)(b)(c)(d)	1,424,182		—
MACAU (1.3%)
Consumer Discretionary (1.3%)
Sands China Ltd.	434,000		1,654,761
NETHERLANDS (8.6%)
Financials (2.1%)
ASR Nederland NV	81,176		2,622,566
Information Technology (2.4%)
Adyen NV(a)(e)	1,050		1,752,614
ASML Holding NV	3,300		1,173,274
			2,925,888
Materials (4.1%)
Koninklijke DSM NV	33,165		5,076,431
			10,624,885

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

NORWAY (2.8%)
Consumer Staples (2.8%)
Mowi ASA	188,845	$	3,429,639
POLAND (2.8%)
Consumer Staples (2.8%)
Dino Polska SA(a)(e)	63,337		3,506,411
REPUBLIC OF IRELAND (3.6%)
Consumer Staples (1.8%)
Kerry Group PLC	16,600		2,198,611
Industrials (1.8%)
Ryanair Holdings PLC, ADR(a)	29,900		2,242,500
			4,441,111
SPAIN (1.6%)
Communication Services (1.6%)
Cellnex Telecom SA(e)	30,500		1,919,499
SWITZERLAND (7.0%)
Consumer Staples (4.1%)
Nestle SA	42,710		5,079,146
Financials (2.9%)
Zurich Insurance Group AG	9,571		3,539,382
			8,618,528
UNITED KINGDOM (10.6%)
Health Care (6.0%)
AstraZeneca PLC	30,600		3,380,676
Genus PLC	91,005		4,061,325
			7,442,001
Industrials (4.6%)
BAE Systems PLC	555,461		3,559,895
RELX PLC	96,276		2,040,217
			5,600,112
			13,042,113
Total Common Stocks			127,630,171
PREFERRED STOCKS (0.9%)
BRAZIL (0.9%)
Financials (0.9%)
Banco Bradesco SA, Preferred Shares	264,000		1,135,647
Total Preferred Stocks			1,135,647
RIGHTS (0.1%)
SPAIN (0.1%)
Communication Services (0.1%)
Cellnex Telecom SA(a)	30,500		127,543
Total Rights			127,543

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Select International Equity Fund

SHORT-TERM INVESTMENT (3.4%)
UNITED STATES (3.4%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(f)	$	4,127,842	$	4,127,842
Total Investments    (Cost $124,180,145) —108.0%				133,021,203
Liabilities in Excess of Other Assets—(8.0)%				(9,811,328	)
Net Assets—100.0%			$	123,209,875

(a)	Non-income producing security.
(b)	Illiquid security.
(c)	The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. Illiquid securities held by the Fund represent 0.00% of net assets as of July 31, 2020.
(d)	Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.
(e)	Denotes a security issued under Regulation S or Rule 144A.
(f)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

	Shares		Value
COMMON STOCKS (102.3%)
AUSTRALIA (4.1%)
Industrials (2.1%)
Cleanaway Waste Management Ltd.		847,800	$	1,257,852
Real Estate (2.0%)
Goodman Group, REIT		98,400		1,196,406
				2,454,258
BELGIUM (3.2%)
Materials (3.2%)
Umicore SA		41,100		1,941,034
BRAZIL (1.8%)
Consumer Discretionary (0.7%)
YDUQS Part		65,900		428,128
Financials (1.1%)
Banco Bradesco SA		162,008		643,802
				1,071,930
CHINA (5.4%)
Financials (2.1%)
Ping An Insurance Group Co. of China Ltd., H Shares		122,500		1,292,525
Health Care (3.3%)
Wuxi Biologics Cayman, Inc.(a)(b)		95,000		1,961,165
				3,253,690
DENMARK (7.5%)
Health Care (2.2%)
Novo Nordisk AS, Class B		19,900		1,305,690
Industrials (2.5%)
Vestas Wind Systems AS		11,900		1,525,401
Utilities (2.8%)
Orsted AS(a)		11,600		1,653,290
				4,484,381
FRANCE (8.9%)
Financials (1.6%)
AXA SA		49,300		989,140
Health Care (1.0%)
Orpea(b)		4,700		599,611
Industrials (6.3%)
Alstom SA(b)		38,200		2,128,623
Schneider Electric SE		14,100		1,616,755
				3,745,378
				5,334,129

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

GERMANY (2.7%)
Information Technology (1.3%)
Infineon Technologies AG	31,200	$	795,456
Materials (1.4%)
Covestro AG(a)	21,100		818,836
			1,614,292
HONG KONG (2.3%)
Financials (2.3%)
AIA Group Ltd.	149,600		1,348,934
INDONESIA (1.0%)
Financials (1.0%)
Bank Rakyat Indonesia Persero Tbk PT	2,842,700		617,478
ISRAEL (1.6%)
Industrials (1.6%)
Kornit Digital Ltd.(b)	18,200		975,338
KENYA (3.1%)
Communication Services (3.1%)
Safaricom PLC	7,105,900		1,876,162
NETHERLANDS (4.3%)
Information Technology (1.7%)
ASML Holding NV	2,900		1,031,059
Materials (2.6%)
Koninklijke DSM NV	10,049		1,538,159
			2,569,218
NORWAY (2.2%)
Communication Services (2.2%)
Telenor ASA	86,100		1,331,001
REPUBLIC OF IRELAND (1.1%)
Industrials (1.1%)
Kingspan Group PLC	9,000		645,660
SOUTH KOREA (2.9%)
Information Technology (2.9%)
Samsung SDI Co. Ltd.	5,100		1,707,386
TAIWAN (2.6%)
Industrials (2.6%)
Voltronic Power Technology Corp.	51,200		1,559,911
UNITED KINGDOM (11.2%)
Consumer Discretionary (0.8%)
Countryside Properties PLC(a)	134,000		494,713
Health Care (6.4%)
AstraZeneca PLC	14,000		1,546,714
Clinigen Group PLC	131,100		1,204,040

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global Equity Impact Fund

GlaxoSmithKline PLC	52,200	$	1,039,840
			3,790,594
Industrials (4.0%)
John Laing Group PLC(a)	352,700		1,363,489
RELX PLC	49,000		1,031,556
			2,395,045
			6,680,352
UNITED STATES (36.4%)
Consumer Discretionary (1.9%)
Chegg, Inc.(b)	13,900		1,125,483
Health Care (8.4%)
HMS Holdings Corp.(b)	49,700		1,615,250
Merck & Co., Inc.	15,800		1,267,792
UnitedHealth Group, Inc.	7,100		2,149,738
			5,032,780
Industrials (3.2%)
Tetra Tech, Inc.	7,300		647,145
Trane Technologies PLC	11,400		1,275,318
			1,922,463
Information Technology (10.7%)
Accenture PLC, Class A	6,500		1,461,070
Autodesk, Inc.(b)	5,800		1,371,294
Mastercard, Inc., Class A	5,800		1,789,474
salesforce.com, Inc.(b)	9,100		1,773,135
			6,394,973
Real Estate (9.1%)
American Tower Corp., REIT	3,800		993,282
Equinix, Inc., REIT	2,700		2,120,796
Prologis, Inc., REIT	22,000		2,319,240
			5,433,318
Utilities (3.1%)
NextEra Energy, Inc.	6,700		1,880,690
			21,789,707
Total Common Stocks			61,254,861
SHORT-TERM INVESTMENT (2.1%)
UNITED STATES (2.1%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(c)	1,250,120		1,250,120
Total Short-Term Investment			1,250,120
Total Investments    (Cost $53,799,877) —104.4%			62,504,981
Liabilities in Excess of Other Assets—(4.4)%			(2,621,511	)
Net Assets—100.0%		$	59,883,470

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Non-income producing security.
(c)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

PLC	Public Limited Company
REIT	Real Estate Investment Trust

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

	Shares or Principal Amount		Value (US$)
ASSET-BACKED SECURITIES (6.7%)
UNITED STATES (6.7%)
AmeriCredit Automobile Receivables Trust, Series 2018-2, Class A3, ABS (USD), 3.15%, 03/20/2023	$	720,823	$	730,208
CNH Equipment Trust, Series 2017-A, Class A3, (USD), 2.07%, 05/16/2022		235,910		236,884
Daimler Trucks Retail Trust, Series 2018-1, Class A4, ABS (USD), 3.03%, 11/15/2024 (a)		1,005,000		1,011,996
Ford Credit Auto Lease Trust, Series 2019-B, Class A3, ABS (USD), 2.22%, 10/15/2022		774,000		785,385
Ford Credit Floorplan Master Owner Trust A
Series 2018-3, Class A1, ABS (USD), 3.52%, 10/15/2023		480,000		495,562
Series 2019-3, Class A1, ABS (USD), 2.23%, 09/15/2024		970,000		996,859
GM Financial Automobile Leasing Trust
Series 2018-3, Class C, ABS (USD), 3.70%, 07/20/2022		853,000		865,529
Series 2020-2, Class A4, ABS (USD), 1.01%, 07/22/2024		464,000		469,441
John Deere Owner Trust, Series 2017-B, Class A3, (USD), 1.82%, 10/15/2021		95,955		96,094
Mercedes-Benz Auto Lease Trust, Series 2019-B, Class A3, ABS (USD), 2.00%, 10/17/2022		1,104,000		1,120,958
Nissan Auto Lease Trust, Series 2019-B, Class A2A, ABS (USD), 2.27%, 10/15/2021		393,872		395,822
SLM Student Loan Trust
Series 2011-2, Class A1, (USD), 1M USD LIBOR + 0.600%, 0.77%, 11/25/2027 (b)		221,823		221,486
Series 2012-3, Class A, ABS, (USD), 1M USD LIBOR + 0.650%, 0.82%, 12/27/2038 (b)		830,865		806,457
Series 2013-2, Class A, (USD), 1M USD LIBOR + 0.450%, 0.62%, 06/25/2043 (b)		938,056		892,251
Tesla Auto Lease Trust
(USD), 2.33%, 02/20/2024 (a)		238,000		237,996
Series 2019-A, Class A2, ABS (USD), 2.13%, 04/20/2022 (a)		819,837		829,255
Series 2019-A, Class D, ABS (USD), 3.37%, 01/20/2023 (a)		637,000		643,743
Towd Point Mortgage Trust
Series 2018-4, Class A1, ABS, (USD), 3.00%, 06/25/2058 (a)(b)		596,798		632,518
Series 2019-3, Class M2, ABS (USD), 4.25%, 02/25/2059 (a)(b)		754,557		795,616
Series 2019-4, Class A1, ABS (USD), 2.90%, 10/25/2059 (a)(b)		672,025		711,524
				12,975,584
Total Asset-Backed Securities				12,975,584
COMMERCIAL MORTGAGE-BACKED SECURITIES (13.1%)
UNITED STATES (13.1%)
BANK
Series 2018-BN11, Class C (USD), 4.38%, 03/15/2061 (b)		460,000		438,956
Series 2020-BN26, Class B, VRN (USD), 2.91%, 03/15/2063 (b)		551,434		568,589
BX Trust, Series 2019-OC11, Class A (USD), 3.20%, 12/09/2041 (a)		892,707		945,106
Citigroup Commercial Mortgage Trust
Series 2015-GC35, Class A4 (USD), 3.82%, 11/10/2048		736,000		822,600
Series 2016-C3, Class B (USD), 3.67%, 11/15/2049 (b)		652,000		664,166
COMM Mortgage Trust
Series 2014-LC15, Class B, (USD), 4.60%, 04/10/2047 (b)		521,826		546,386
Series 2019-GC44, Class C (USD), 3.53%, 08/15/2057 (b)		645,206		554,669
Commercial Mortgage Trust, Series 2014-CR20, Class A3 (USD), 3.33%, 11/10/2047		840,000		896,239
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class C, (USD), 4.39%, 11/15/2049 (b)		741,000		686,388

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Federal Home Loan Mortgage Corp.
Series 2017-DNA1, Class M2, CMO (USD), 1M USD LIBOR + 3.250%, 3.42%, 07/25/2029 (b)	$	1,080,538	$	1,082,570
Series 2017-DNA2, Class M1, CMO, FRN (USD), 1M USD LIBOR + 1.200%, 1.37%, 10/25/2029 (b)		297,896		298,086
Federal National Mortgage Association, Series 2016-C02, Class 1M2, CMO (USD), 1M USD LIBOR + 6.000%, 6.17%, 09/25/2028 (b)		639,131		656,654
Freddie Mac STACR REMIC Trust, Freddie Mac STACR REMIC Trust 2020-DNA3 (USD), 1.67%, 06/25/2050 (a)(b)		741,067		741,067
FREMF Mortgage Trust, Series 2018-K85, Class C (USD), 4.32%, 11/25/2028 (a)(b)		608,000		643,786
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-CBX, Class AS (USD), 4.27%, 06/15/2045		919,000		960,608
JP Morgan Mortgage Trust
Series 2015-IVR2, Class A5, CMO, (USD), 2.74%, 01/25/2045 (a)(b)		555,521		580,308
Series 2016-3, Class 1A3, CMO, VRN, (USD), 3.49%, 10/25/2046 (a)(b)		363,315		366,918
Series 2017-2, Class B3, CMO (USD), 3.70%, 05/25/2047 (a)(b)		969,627		976,403
Series 2019-9, Class B3, CMO (USD), 3.92%, 05/25/2050 (a)(b)		928,788		899,628
Series 2020-5, Class A5, CMO, VRN (USD), 3.00%, 12/25/2050 (a)(b)		752,000		793,333
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, VRN (USD), 4.13%, 08/15/2046 (b)		625,000		674,878
Series 2014-C24, Class A4A1 (USD), 3.37%, 11/15/2047		878,000		939,275
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class AS, VRN (USD), 3.88%, 03/15/2050 (b)		611,000		678,380
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class B, (USD), 4.44%, 08/15/2045 (b)		787,000		808,094
Series 2013-C13, Class A4 (USD), 4.04%, 11/15/2046		659,000		704,099
Morgan Stanley Capital I Trust, Series 2017-CLS, Class A (USD), 1M USD LIBOR + 0.700%, 0.87%, 11/15/2034 (a)(b)		881,000		875,787
New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, CMO, (USD), 4.25%, 12/25/2057 (a)(b)		565,257		615,662
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 1A1, CMO, (USD), 5.71%, 03/25/2035 (b)		237,761		253,498
SFAVE Commercial Mortgage Securities Trust
Series 2015-5AVE, Class C (USD), 4.39%, 01/05/2043 (a)(b)		870,000		701,843
Series 2015-5AVE, Class D (USD), 4.39%, 01/05/2043 (a)(b)		562,000		414,216
UBS Commercial Mortgage Trust, Series 2017-C6, Class C (USD), 4.45%, 12/15/2050 (b)		547,000		514,023
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class B (USD), 4.32%, 08/15/2050		680,000		696,887
Series 2017-C40, Class AS, VRN (USD), 3.85%, 10/15/2050 (b)		315,000		353,753
Series 2019-C53, Class ASB (USD), 2.96%, 10/15/2052		603,000		661,887
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3, Class B1, CMO, VRN (USD), 3.27%, 06/25/2050 (a)(b)		975,000		1,023,598
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class B (USD), 3.71%, 03/15/2045 (b)		747,000		761,748
Series 2012-C10, Class AS, (USD), 3.24%, 12/15/2045		568,395		555,997
				25,356,085
Total Commercial Mortgage-Backed Securities				25,356,085
NON-AGENCY MORTGAGE-BACKED SECURITIES (4.9%)
UNITED STATES (4.9%)
CHL Mortgage Pass-Through Trust, Series 2005-21, Class A2 (USD), 5.50%, 10/25/2035		301,950		259,996
Citigroup Mortgage Loan Trust, Series 2005-11, Class A3 (USD), 1 year CMT + 2.400%, 4.19%, 11/25/2035 (b)		173,491		165,262
Flagstar Mortgage Trust, Series 2017-2, Class B2, (USD), 4.11%, 10/25/2047 (a)(b)		1,184,654		1,224,627
GSR Mortgage Loan Trust, Series 2005-6F, Class 1A6 (USD), 5.25%, 07/25/2035		262,664		267,025

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

IndyMac INDA Mortgage Loan Trust, Series 2005-AR2, Class 3A1 (USD), 3.60%, 01/25/2036 (b)	$	321,267	$	277,331
JP Morgan Mortgage Trust
Series 16-1, Class A13 (USD), 3.50%, 05/25/2046 (a)(b)		419,232		429,519
Series 2005-A5, Class 2A2 (USD), 3.21%, 08/25/2035 (b)		263,517		264,961
Series 2006-S1, Class 2A6 (USD), 6.00%, 04/25/2036		452,734		472,547
Series 2014-IVR3, Class 3A1 (USD), 2.54%, 09/25/2044 (a)(b)		207,190		211,023
Series 2016-5, Class A1 (USD), 2.63%, 12/25/2046 (a)(b)		380,264		388,532
Series 2017-1, Class A3, (USD), 3.50%, 01/25/2047 (a)(b)		29		30
Series 2018-6, Class B2 (USD), 3.93%, 12/25/2048 (a)(b)		963,418		1,017,914
New Residential Mortgage Loan Trust, Series 2017-2A, Class A3, (USD), 4.00%, 03/25/2057 (a)(b)		585,728		631,320
PHH Mortgage Trust, Series 2008-CIM1, Class 21A1 (USD), 6.00%, 05/25/2038		439,910		454,351
Sequoia Mortgage Trust
Series 2017-CH1, Class A13, (USD), 4.00%, 08/25/2047 (a)(b)		595,833		625,617
Series 2017-CH2, Class A13 (USD), 4.00%, 12/25/2047 (a)(b)		902,867		945,816
Structured Asset Securities Corp., Series 2004-18H, Class A5 (USD), 4.75%, 10/25/2034		577,940		606,034
Thornburg Mortgage Securities Trust
Series 2007-4, Class 2A1 (USD), 3.11%, 09/25/2037 (b)		301,099		299,046
Series 2007-4, Class 3A1 (USD), 3.31%, 09/25/2037 (b)		4,856		4,852
WaMu Mortgage Pass Through Certificates, Series 2005-AR7, Class A3 (USD), 3.07%, 08/25/2035 (b)		341,349		325,219
WinWater Mortgage Loan Trust, Series 2015-2, Class B3, (USD), 3.91%, 02/20/2045 (a)(b)		547,933		555,664
				9,426,686
Total Non-Agency Mortgage-Backed Securities				9,426,686
CORPORATE BONDS (30.7%)
BELGIUM (0.7%)
Beverages (0.7%)
Anheuser-Busch InBev Worldwide, Inc. (USD), 3.50%, 06/01/2030		1,250,000		1,430,309
CANADA (1.0%)
Commercial Banks (0.3%)
National Bank of Canada,(fixed rate to 08/15/2022, variable rate thereafter), VRN (USD), 0.90%, 08/15/2023		553,000		556,167
Metals & Mining (0.7%)
Teck Resources Ltd. (USD), 3.90%, 07/15/2030 (a)		1,265,000		1,308,417
				1,864,584
DENMARK (0.5%)
Commercial Banks (0.5%)
Danske Bank AS (USD), 5.00%, 01/12/2022 (a)		945,000		995,873
GERMANY (0.6%)
Auto Manufacturers (0.6%)
BMW US Capital LLC (USD), 3.90%, 04/09/2025 (a)		1,072,000		1,203,273
ITALY (1.1%)
Commercial Banks (1.1%)
UniCredit SpA
(USD), 6.57%, 01/14/2022 (a)		932,000		990,755
(USD), 7.83%, 12/04/2023 (a)		920,000		1,077,908

2,068,663

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

NETHERLANDS (0.5%)
Semiconductors (0.5%)
NXP BV / NXP Funding LLC (USD), 5.35%, 03/01/2026 (a)	$	887,000	$	1,062,873
SPAIN (0.7%)
Commercial Banks (0.7%)
Banco Santander SA (USD), 2.75%, 05/28/2025		1,200,000		1,269,666
UNITED KINGDOM (2.8%)
Commercial Banks (2.2%)
HSBC Holdings PLC, (fixed rate to 09/12/2025, variable rate thereafter) (USD), 4.29%, 09/12/2026		1,595,000		1,785,297
Lloyds Banking Group PLC, (fixed rate to 07/09/2024, variable rate thereafter), VRN (USD), 3.87%, 07/09/2025		1,025,000		1,130,048
Royal Bank of Scotland Group PLC, (fixed rate to 03/22/2024, variable rate thereafter) (USD), 4.27%, 03/22/2025		1,243,000		1,368,622
				4,283,967
Diversified Telecommunication Services (0.6%)
Vodafone Group PLC (USD), 4.88%, 06/19/2049		840,000		1,107,419
				5,391,386
UNITED STATES (22.8%)
Aerospace & Defense (1.3%)
Boeing Co. (The) (USD), 4.51%, 05/01/2023		1,560,000		1,630,879
Raytheon Technologies Corp. (USD), 6.05%, 06/01/2036		551,000		811,413
				2,442,292
Auto Manufacturers (1.3%)
Ford Holdings LLC (USD), 9.30%, 03/01/2030		930,000		1,088,100
General Motors Co. (USD), 6.13%, 10/01/2025		1,233,000		1,437,458
				2,525,558
Beverages (0.4%)
Constellation Brands, Inc. (USD), 2.88%, 05/01/2030		725,000		788,108
Biotechnology (0.4%)
Amgen, Inc. (USD), 3.38%, 02/21/2050		630,000		737,879
Building Materials (0.4%)
Carrier Global Corp. (USD), 3.38%, 04/05/2040 (a)		720,000		777,961
Chemicals (0.9%)
DuPont de Nemours, Inc. (USD), 2.17%, 05/01/2023		1,008,000		1,028,218
Sherwin-Williams Co. (USD), 3.95%, 01/15/2026		540,000		619,218
				1,647,436
Commercial Banks (3.0%)
Bank of America Corp., (fixed rate to 06/19/2040, variable rate thereafter), FRN (USD), 2.68%, 06/19/2041		1,081,000		1,152,602
Citigroup, Inc., (fixed rate to 04/08/2025, variable rate thereafter), FRN (USD), 3.11%, 04/08/2026		2,100,000		2,282,456
JPMorgan Chase & Co., (fixed rate to 04/22/2030, variable rate thereafter), FRN (USD), 2.52%, 04/22/2031		1,006,000		1,085,076

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Morgan Stanley, (fixed rate to 04/01/2030, variable rate thereafter), FRN (USD), 3.62%, 04/01/2031	$	1,026,000	$	1,199,783
				5,719,917
Commercial Services & Supplies (0.3%)
PayPal Holdings, Inc. (USD), 3.25%, 06/01/2050		505,000		611,403
Diversified Financial Services (0.3%)
Intercontinental Exchange, Inc. (USD), 3.00%, 06/15/2050		444,000		510,736
Diversified Telecommunication Services (2.1%)
AT&T, Inc. (USD), 1.65%, 02/01/2028		1,710,000		1,741,219
Verizon Communications, Inc. (USD), 4.50%, 08/10/2033		1,750,000		2,291,262
				4,032,481
Electric Utilities (4.4%)
AEP Texas, Inc., Series H (USD), 3.45%, 01/15/2050		740,000		875,774
IPALCO Enterprises, Inc. (USD), 4.25%, 05/01/2030 (a)		1,243,000		1,371,563
Kentucky Utilities Co.
(USD), 3.25%, 11/01/2020		2,262,000		2,262,000
(USD), 3.30%, 06/01/2050		479,000		566,063
Mississippi Power Co. (USD), 3.95%, 03/30/2028		560,000		650,596
Oklahoma Gas & Electric Co. (USD), 3.25%, 04/01/2030		915,000		1,040,084
Southern California Edison Co., Series E (USD), 3.70%, 08/01/2025		1,027,000		1,152,689
Southwestern Public Service Co., Series 8 (USD), 3.15%, 05/01/2050		563,000		663,716
				8,582,485
Energy Equipment & Services (0.8%)
Plains All American Pipeline LP / PAA Finance Corp. (USD), 3.80%, 09/15/2030		630,000		630,157
Western Midstream Operating LP (USD), 4.65%, 07/01/2026		970,000		991,825
				1,621,982
Healthcare Providers & Services (0.9%)
Laboratory Corp. of America Holdings (USD), 2.95%, 12/01/2029		1,049,000		1,159,767
Quest Diagnostics, Inc. (USD), 3.45%, 06/01/2026		456,000		520,825
				1,680,592
Insurance (0.6%)
Brighthouse Financial, Inc. (USD), 5.63%, 05/15/2030		1,058,000		1,209,751
Miscellaneous Manufacturing (0.5%)
General Electric Co. (USD), 3.45%, 05/01/2027		1,010,000		1,061,524
Oil, Gas & Consumable Fuels (1.4%)
Noble Energy, Inc.
(USD), 5.05%, 11/15/2044		540,000		720,981
(USD), 4.95%, 08/15/2047		540,000		734,458
Valero Energy Corp. (USD), 2.70%, 04/15/2023		1,230,000		1,283,871
				2,739,310
Pharmaceutical (0.7%)
CVS Health Corp. (USD), 6.25%, 06/01/2027		1,055,000		1,337,072
Real Estate Investment Trust (REIT) Funds (0.5%)
American Tower Corp. (USD), 2.90%, 01/15/2030		810,000		896,833
Retail (0.9%)
McDonald's Corp. (USD), 3.63%, 09/01/2049		978,000		1,149,465

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Starbucks Corp. (USD), 2.00%, 03/12/2027	$	652,000	$	677,791
				1,827,256
Semiconductors (0.7%)
Broadcom, Inc. (USD), 4.15%, 11/15/2030 (a)		1,235,000		1,386,931
Software (0.6%)
Broadridge Financial Solutions, Inc. (USD), 2.90%, 12/01/2029		715,000		782,665
Electronic Arts, Inc. (USD), 4.80%, 03/01/2026		330,000		396,760
				1,179,425
Transportation (0.4%)
FedEx Corp. (USD), 4.95%, 10/17/2048		550,000		711,155
				44,028,087
Total Corporate Bonds				59,314,714
MUNICIPAL BONDS (5.2%)
UNITED STATES (5.2%)
California (1.2%)
City of San Francisco CA Public Utilities Commission Water Revenue, Series A (USD), 3.30%, 11/01/2039		635,000		698,887
Los Angeles Unified School District General Obligation Unlimited Bonds (USD), 6.76%, 07/01/2034		580,000		874,652
San Diego County Regional Transportation Commission, Series A (USD), 3.25%, 04/01/2048		740,000		808,332
				2,381,871
Connecticut (1.0%)
State of Connecticut General Obligation Unlimited Bonds, Series A (USD), 5.85%, 03/15/2032		1,385,000		1,914,652
Florida (0.2%)
Country of Broward, FL Airport System Revenue (USD), 3.48%, 10/01/2043		310,000		318,606
Massachusetts (0.6%)
Massachusetts School Building Authority, Series B (USD), 3.40%, 10/15/2040		1,000,000		1,077,140
New York (1.2%)				��
Metropolitan Transportation Authority Revenue Bonds (Build America Bonds) (USD), 5.18%, 11/15/2049		225,000		263,673
New York State Dormitory Authority, Series B (USD), 3.14%, 07/01/2043		485,000		523,708
State of New York State Thruway Authority, Series M (USD), 2.90%, 01/01/2035		1,460,000		1,592,363
				2,379,744
Ohio (0.4%)
JobsOhio Beverage System, Series A (USD), 2.83%, 01/01/2038		745,000		810,992
Texas (0.6%)
Grand Parkway Transportation Corp. (USD), 3.24%, 10/01/2052		405,000		430,369
State of Texas (USD), 3.21%, 04/01/2044		700,000		757,960
				1,188,329
				10,071,334
Total Municipal Bonds				10,071,334

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

GOVERNMENT BONDS (1.4%)
NEW ZEALAND (1.4%)
New Zealand Government Bond (NZD), 2.75%, 04/15/2037 (a)	$	3,256,000	$	2,700,951
Total Government Bonds				2,700,951
U.S. AGENCIES (19.1%)
UNITED STATES (19.1%)
Federal Home Loan Mortgage Corp.
Series 2016-HQA4, Class M2 (USD), 1M USD LIBOR + 1.300%, 1.47%, 04/25/2029 (b)		5,555		5,552
MBS (USD), 4.50%, 08/01/2046		293,964		319,007
MBS (USD), 3.00%, 10/01/2046		591,499		640,769
MBS (USD), 4.00%, 01/01/2047		1,170,515		1,263,278
MBS (USD), 3.50%, 07/01/2049		857,792		913,228
MBS (USD), 3.00%, 01/01/2050		1,583,582		1,711,796
MBS (USD), 3.00%, 05/01/2050		1,056,482		1,144,880
Federal National Mortgage Association
MBS (USD), 3.50%, 05/01/2034		750,207		808,737
MBS (USD), 3.00%, 08/01/2043		779,509		847,545
MBS (USD), 3.50%, 12/01/2046		1,897,361		2,066,152
MBS (USD), 4.50%, 12/01/2046		895,657		974,042
MBS (USD), 4.00%, 07/01/2048		491,130		521,551
MBS (USD), 5.00%, 09/01/2048		579,340		633,326
MBS (USD), 2.50%, 06/01/2050		1,032,502		1,092,942
MBS (USD), 2.50%, 07/01/2050		1,799,322		1,926,000
MBS (USD), 2.50%, 07/01/2050		1,313,320		1,385,524
MBS, TBA (USD), 2.50%, 09/01/2050		2,702,000		2,834,146
MBS, TBA (USD), 3.00%, 09/01/2050		6,576,000		6,941,549
MBS, TBA (USD), 3.50%, 09/01/2050		3,646,000		3,846,024
FREMF Mortgage Trust
Series 2016-K57, Class C (USD), 3.92%, 08/25/2049 (a)(b)		1,037,000		1,072,294
Series 2018-K80, Class C, VRN, (USD), 4.23%, 08/25/2050 (a)(b)		888,000		933,658
Series 2017-K71, Class C (USD), 3.75%, 11/25/2050 (a)(b)		525,000		547,026
Government National Mortgage Association
MBS (USD), 4.50%, 06/20/2047		462,487		504,923
MBS (USD), 3.50%, 11/20/2047		951,983		1,025,654
MBS (USD), 3.50%, 02/20/2048		911,962		984,331
MBS (USD), 4.00%, 05/20/2048		1,203,301		1,316,596
MBS (USD), 4.00%, 09/20/2048		572,870		627,015
				36,887,545
Total U.S. Agencies				36,887,545
U.S. TREASURIES (13.8%)
UNITED STATES (13.8%)
U.S. Treasury Bond
(USD), 2.38%, 11/15/2049		1,080,300		1,397,132
(USD), 2.00%, 02/15/2050		4,731,100		5,681,016
U.S. Treasury Inflation Protected Security (USD), 1.00%, 02/15/2049 (c)		621,535		892,964
U.S. Treasury Note
(USD), 1.13%, 06/30/2021		1,821,200		1,837,634
(USD), 0.13%, 04/30/2022		5,282,200		5,282,613
(USD), 0.25%, 04/15/2023		3,542,000		3,554,314
(USD), 0.38%, 04/30/2025		3,875,400		3,906,282
(USD), 0.25%, 06/30/2025		3,016,800		3,021,632

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

(USD), 0.50%, 05/31/2027	$	996,900	$	1,004,649
				26,578,236
Total U.S. Treasuries				26,578,236
AGENCY MORTGAGE-BACKED SECURITIES (1.0%)
UNITED STATES (1.0%)
Federal Home Loan Mortgage Corp. (USD), 5.00%, 10/01/2041		316,300		362,496
Federal National Mortgage Association (USD), 4.50%, 07/01/2040		733,064		811,965
Government National Mortgage Association (USD), 4.50%, 12/20/2045		593,935		654,743
				1,829,204
Total Agency Mortgage-Backed Securities				1,829,204
short-term investment   (12.6%)
UNITED STATES (12.6%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(d)		24,251,686		24,251,686
Total Short-Term Investment				24,251,686
Total Investments (Cost $202,441,101) —108.5%				209,392,025
Liabilities in Excess of Other Assets—(8.5)%				(16,455,854	)
Net Assets—100.0%			$	192,936,171

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(c)	Inflation linked security.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.

AUD	Australian Dollar
CMT	Constant Maturity Treasury
COP	Colombian Peso
EUR	Euro Currency
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
NZD	New Zealand Dollar
PLC	Public Limited Company
RUB	Russian Ruble
TBA	Securities purchased on a forward commitment basis with an appropriate principal amount and no definitive maturity date. The actual principal and maturity date will be determined upon settlement date.
USD	U.S. Dollar

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

At July 31, 2020, the Fund held the following futures contracts:  

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date	Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)
Long Contract Positions
United States Treasury Note 6%—Ultra Bond	26	09/21/2020	$	5,610,750		$	5,919,875		$	309,125
United States Treasury Note 6%–Long Bond	14	09/21/2020		2,465,013			2,551,938			86,925
United States Treasury Note 6%–10 year	32	09/21/2020		4,450,734			4,482,500			31,766
United States Treasury Note 6%—5 year	33	09/30/2020		4,145,250			4,162,125			16,875
United States Treasury Note 6%—2 year	78	09/30/2020		17,218,140			17,236,781			18,641
									$	463,332
SHORT CONTRACT POSITIONS (2.4%)
United States Treasury Note 6%–10 year Ultra	(29)	09/21/2020	$	(4,508,938	)	$	(4,618,250	)		(109,313	)
									$	354,019

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:

Purchase Contracts Settlement Date	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
Australian Dollar/United States Dollar
09/28/2020	Citibank	AUD	250,174	USD	173,167	$	178,772	$	5,605
Colombian Peso/United States Dollar
09/11/2020	Barclays Bank	COP	6,682,919,000	USD	1,748,082		1,785,032		36,950
Euro/United States Dollar
08/26/2020	JPMorgan Chase	EUR	111,772	USD	125,679		131,722		6,043
Hong Kong Dollar/United States Dollar
08/05/2020	HSBC Bank	HKD	15,000,000	USD	1,932,891		1,935,412		2,521
Indian Rupee/United States Dollar
08/05/2020	HSBC Bank	INR	135,619,000	USD	1,790,587		1,812,085		21,498
Indonesian Rupiah/United States Dollar
08/24/2020	JPMorgan Chase	IDR	27,943,640,000	USD	1,910,676		1,894,115		(16,561	)
09/08/2020	Barclays Bank	IDR	2,842,458,420	USD	193,259		192,055		(1,204	)
09/08/2020	HSBC Bank	IDR	27,993,536,580	USD	1,918,679		1,891,430		(27,249	)
Japanese Yen/United States Dollar
09/10/2020	HSBC Bank	JPY	194,690,000	USD	1,821,053		1,839,987		18,934
09/11/2020	HSBC Bank	JPY	195,550,000	USD	1,861,091		1,848,141		(12,950	)
Mexican Peso/United States Dollar
08/05/2020	HSBC Bank	MXN	46,564,000	USD	1,920,870		2,092,012		171,142
08/31/2020	HSBC Bank	MXN	43,054,000	USD	1,949,644		1,927,813		(21,831	)
09/10/2020	HSBC Bank	MXN	41,547,324	USD	1,813,949		1,857,998		44,049
New Russian Ruble/United States Dollar
08/07/2020	Citibank	RUB	66,313,000	USD	926,806		893,104		(33,702	)
08/07/2020	Goldman Sachs	RUB	66,313,000	USD	922,166		893,104		(29,062	)
New Zealand Dollar/United States Dollar
09/11/2020	Barclays Bank	NZD	2,845,999	USD	1,851,007	$	1,887,552	$	36,545
09/11/2020	HSBC Bank	NZD	915,000	USD	609,545		606,855		(2,690	)
						$	23,667,189	$	198,038

See accompanying Notes to Statements of Investments.

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Total Return Bond Fund

Sale Contracts Settlement Date	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation/ (Depreciation)
United States Dollar/Australian Dollar
09/28/2020	Royal Bank of Canada	USD	171,870	AUD	250,174	$	178,772	$	(6,902	)
United States Dollar/Colombian Peso
09/11/2020	JPMorgan Chase	USD	1,764,700	COP	6,682,919,000		1,785,032		(20,332	)
United States Dollar/Euro
08/26/2020	Citibank	USD	122,080	EUR	111,772		131,722		(9,642	)
United States Dollar/Hong Kong Dollar
08/05/2020	UBS AG	USD	1,929,512	HKD	15,000,000		1,935,412		(5,900	)
United States Dollar/Indian Rupee
08/05/2020	Barclays Bank	USD	1,770,368	INR	135,619,000		1,812,085		(41,717	)
United States Dollar/Indonesian Rupiah
09/08/2020	Citibank	USD	2,163,930	IDR	30,835,995,000		2,083,486		80,444
United States Dollar/Mexican Peso
08/05/2020	HSBC Bank	USD	1,883,502	MXN	46,564,000		2,092,012		(208,510	)
09/10/2020	Citibank	USD	1,851,673	MXN	41,547,324		1,857,998		(6,325	)
United States Dollar/New Russian Ruble
08/07/2020	Barclays Bank	USD	1,845,745	RUB	132,626,000		1,786,209		59,536
United States Dollar/New Zealand Dollar
09/11/2020	Citibank	USD	1,080,622	NZD	1,663,028		1,102,970		(22,348	)
09/11/2020	Royal Bank of Canada	USD	2,059,615	NZD	3,215,999		2,132,946		(73,331	)
						$	16,898,644	$	(255,027	)

See accompanying Notes to Statements of Investments.

Statement of Investments

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

	Shares or Principal Amount		Value (US$)
CORPORATE BONDS (92.6%)
ARGENTINA (0.3%)
Transportadora de Gas del Sur SA (USD), 6.75%, 05/02/2025 (a)	$	575,000	$	501,688
AUSTRALIA (0.3%)
Mineral Resources Ltd. (USD), 8.13%, 05/01/2027 (a)		552,000		609,276
BRAZIL (1.9%)
CSN Resources SA
(USD), 7.63%, 02/13/2023 (a)		465,000		469,650
(USD), 7.63%, 04/17/2026 (a)		314,000		310,295
NBM US Holdings, Inc. (USD), 7.00%, 05/14/2026 (a)		669,000		721,851
Petrobras Global Finance BV (USD), 5.09%, 01/15/2030 (a)		1,685,000		1,735,550
				3,237,346
CANADA (1.8%)
Clearwater Seafoods, Inc. (USD), 6.88%, 05/01/2025 (a)		1,370,000		1,390,550
Teck Resources Ltd.
(USD), 3.90%, 07/15/2030 (a)		386,000		399,248
(USD), 6.25%, 07/15/2041		691,000		773,420
Titan Acquisition Ltd. / Titan Co-Borrower LLC (USD), 7.75%, 04/15/2026 (a)		525,000		518,437
				3,081,655
CHILE (0.3%)
VTR Finance (USD), 6.38%, 07/15/2028 (a)		442,000		470,960
CHINA (1.6%)
CIFI Holdings Group Co. Ltd. (USD), 6.45%, 11/07/2024 (a)		735,000		758,302
Shimao Group Holdings Ltd. (USD), 5.20%, 01/30/2025 (a)		1,045,000		1,093,227
Sunac China Holdings Ltd. (USD), 7.95%, 10/11/2023 (a)		825,000		853,108
				2,704,637
CONGO (0.4%)
HTA Group Ltd. (USD), 7.00%, 12/18/2025 (a)		617,000		636,793
DENMARK (0.5%)
DKT Finance ApS (USD), 9.38%, 06/17/2023 (a)		921,000		927,908
DOMINICAN REPUBLIC (0.5%)
AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It (USD), 7.95%, 05/11/2026 (a)		765,000		785,081
EL SALVADOR (0.3%)
AES El Salvador Trust II (USD), 6.75%, 03/28/2023 (a)		500,000		466,875
FRANCE (1.4%)
Altice France SA
(EUR), 2.50%, 01/15/2025 (a)		103,000		117,872
(USD), 7.38%, 05/01/2026 (a)		978,000		1,043,184
Casino Guichard Perrachon SA
(EUR), 4.56%, 01/25/2023 (a)		400,000		432,779
(EUR), 4.50%, 03/07/2024 (a)		400,000		394,519

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Quatrim SASU (EUR), 5.88%, 01/15/2024 (a)	$	310,000	$	364,252
				2,352,606
GEORGIA (0.3%)
Bank of Georgia JSC (USD), 6.00%, 07/26/2023 (a)		500,000		505,100
GERMANY (2.7%)
Nidda BondCo GmbH (EUR), 5.00%, 09/30/2025 (a)		305,000		353,311
Nidda Healthcare Holding GmbH (EUR), 3.50%, 09/30/2024 (a)		623,000		723,310
Techem Verwaltungsgesellschaft 675 mbH (EUR), 2.00%, 07/15/2025 (a)		699,000		788,394
Tele Columbus AG (EUR), 3.88%, 05/02/2025 (a)		984,000		1,096,651
Vertical Holdco GmbH
(EUR), 6.63%, 07/15/2028 (a)		249,000		294,410
(USD), 7.63%, 07/15/2028 (a)		200,000		212,500
Vertical Midco GmbH (EUR), 4.38%, 07/15/2027 (a)		176,000		208,327
Vertical US Newco, Inc. (USD), 5.25%, 07/15/2027 (a)		200,000		212,000
ZF Europe Finance BV
(EUR), 2.00%, 02/23/2026 (a)		300,000		334,832
(EUR), 2.50%, 10/23/2027 (a)		300,000		332,146
				4,555,881
ISRAEL (1.4%)
Teva Pharmaceutical Finance Co. BV, Series 2 (USD), 3.65%, 11/10/2021		1,400,000		1,407,000
Teva Pharmaceutical Finance Netherlands III BV (USD), 3.15%, 10/01/2026		1,060,000		966,943
				2,373,943
ITALY (2.7%)
Banca Monte dei Paschi di Siena SpA, (fixed rate to 01/18/2023, variable rate thereafter) (EUR), 5.38%, 01/18/2028 (a)		1,500,000		1,572,564
Telecom Italia Capital SA (USD), 6.00%, 09/30/2034		1,950,000		2,368,119
UniCredit SpA, (fixed rate to 06/03/2023, variable rate thereafter) (EUR), 6.63%, 06/03/2023 (a)(b)		530,000		618,851
				4,559,534
JAMAICA (0.4%)
Digicel Group 0.5 Ltd., PIK (USD), 10.00%, 04/01/2024 (c)		875,130		660,723
JAPAN (0.4%)
SoftBank Group Corp., (fixed rate to 07/19/2023, variable rate thereafter), VRN (USD), 6.00%, 07/19/2023 (a)(b)		705,000		676,226
JERSEY (0.5%)
Newday Bondco PLC (GBP), 7.38%, 02/01/2024 (a)		683,000		818,053
LUXEMBOURG (2.8%)
Altice Financing SA (USD), 7.50%, 05/15/2026 (a)		1,035,000		1,112,884
Altice France Holding SA
(EUR), 8.00%, 05/15/2027 (a)		283,000		358,274
(USD), 10.50%, 05/15/2027 (a)		579,000		662,231
ArcelorMittal SA (USD), 3.60%, 07/16/2024		450,000		470,563
Galapagos SA (EUR), 5.38%, 06/15/2021 (a)(d)		60,500		71
Kleopatra Holdings 1 SCA (EUR), 9.25%, 06/30/2023 (a)(c)		913,055		795,895
LHMC Finco 2 Sarl (EUR), 7.25%, 10/02/2025 (a)(c)		260,000		211,063
Matterhorn Telecom SA (EUR), 3.13%, 09/15/2026 (a)		987,000		1,127,307
				4,738,288

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

MEXICO (1.8%)
Petroleos Mexicanos
(USD), 6.49%, 01/23/2027 (a)	$	1,000,000	$	955,000
(USD), 5.35%, 02/12/2028		1,580,000		1,386,450
Sixsigma Networks Mexico SA de CV (USD), 7.50%, 05/02/2025 (a)		750,000		705,000
				3,046,450
NETHERLANDS (3.9%)
ING Groep NV, (fixed rate to 04/16/2025, variable rate thereafter) (USD), 6.50%, 04/16/2025 (b)		1,027,000		1,067,361
Lincoln Financing SARL
(EUR), 3.63%, 04/01/2024 (a)		743,000		859,463
(EUR), 3.88%, 04/01/2024 (a)(e)		166,000		191,645
OCI NV
(EUR), 3.13%, 11/01/2024 (a)		741,000		860,156
(USD), 5.25%, 11/01/2024 (a)		470,000		472,350
Trivium Packaging Finance BV (USD), 5.50%, 08/15/2026 (a)		690,000		735,057
UPCB Finance VII Ltd. (EUR), 3.63%, 06/15/2029 (a)		500,000		582,737
Ziggo Bond Co. BV
(EUR), 3.38%, 02/28/2030 (a)		732,000		822,237
(USD), 5.13%, 02/28/2030 (a)		200,000		213,060
Ziggo BV (USD), 5.50%, 01/15/2027 (a)		724,000		764,769
				6,568,835
NIGERIA (0.4%)
IHS Netherlands Holdco BV (USD), 8.00%, 09/18/2027 (a)		760,000		773,300
PANAMA (0.5%)
C&W Senior Financing DAC (USD), 6.88%, 09/15/2027 (a)		879,000		939,466
PORTUGAL (0.4%)
Caixa Geral de Depositos SA, (fixed rate to 03/30/2022, variable rate thereafter) (EUR), 10.75%, 03/30/2022 (a)(b)		600,000		765,256
REPUBLIC OF IRELAND (2.3%)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
(GBP), 4.75%, 07/15/2027 (a)		656,000		845,823
(USD), 5.25%, 08/15/2027 (a)		200,000		209,354
Cimpress PLC (USD), 7.00%, 06/15/2026 (a)		1,190,000		1,205,470
Virgin Media Vendor Financing Notes III DAC (GBP), 4.88%, 07/15/2028 (a)		1,194,000		1,583,186
				3,843,833
SOUTH AFRICA (0.5%)
Liquid Telecommunications Financing PLC (USD), 8.50%, 07/13/2022 (a)		785,000		792,858
SPAIN (0.9%)
Banco Bilbao Vizcaya Argentaria SA, Series 9 (fixed rate to 03/05/2025, variable rate thereafter) (USD), 6.50%, 03/05/2025 (b)		800,000		761,000
Cirsa Finance International Sarl
(USD), 7.88%, 12/20/2023 (a)		361,000		333,925
(EUR), 3.63%, 09/30/2025 (a)(e)		408,000		406,005
				1,500,930
SWEDEN (1.6%)
Intrum AB
(EUR), 3.50%, 07/15/2026 (a)		806,000		878,848
(EUR), 3.00%, 09/15/2027 (a)	$	705,000	$	734,919

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Unilabs Subholding AB (EUR), 5.75%, 05/15/2025 (a)	650,000	760,183
Verisure Holding AB (EUR), 3.88%, 07/15/2026 (a)	371,000	437,020
		2,810,970
SWITZERLAND (0.7%)
Credit Suisse Group AG, (fixed rate to 12/18/2024, variable rate thereafter) (USD), 6.25%, 12/18/2024 (a)(b)	1,115,000	1,187,475
TURKEY (1.6%)
Akbank Turk AS, (fixed rate to 03/16/2022, variable rate thereafter) (USD), 7.20%, 03/16/2027 (a)	619,000	562,032
KOC Holding (USD), 5.25%, 03/15/2023 (a)	820,000	819,316
Turk Telekomunikasyon (USD), 4.88%, 06/19/2024 (a)	740,000	721,678
Turkiye Garanti Bankasi (USD), 5.88%, 03/16/2023 (a)	200,000	197,000
Turkiye Garanti Bankasi AS (USD), 5.25%, 09/13/2022 (a)	450,000	443,304
		2,743,330
UKRAINE (0.8%)
Metinvest BV (USD), 8.50%, 04/23/2026 (a)	715,000	699,456
MHP Lux SA (USD), 6.95%, 04/03/2026 (a)	619,000	626,416
		1,325,872
UNITED ARAB EMIRATES (0.2%)
Shelf Drilling Holdings Ltd. (USD), 8.25%, 02/15/2025 (a)	835,000	317,300
UNITED KINGDOM (2.9%)
Arqiva Broadcast Finance PLC (GBP), 6.75%, 09/30/2023 (a)	800,000	1,085,161
Ashtead Capital, Inc.
(USD), 4.00%, 05/01/2028 (a)	289,000	300,560
(USD), 4.25%, 11/01/2029 (a)	298,000	314,801
BP Capital Markets PLC, (fixed rate to 03/22/2030, variable rate thereafter), VRN (USD), 4.88%, 03/22/2030 (b)	830,000	890,175
BP Capital Markets PLC, (fixed rate to 06/22/2025, variable rate thereafter), VRN (USD), 4.38%, 06/22/2025 (b)	830,000	868,180
Synthomer PLC (EUR), 3.88%, 07/01/2025 (a)	172,000	208,084
Virgin Money UK PLC (fixed rate to 12/08/2022, variable rate thereafter) (GBP), 8.00%, 12/08/2022 (a)(b)	1,065,000	1,268,617
		4,935,578
UNITED STATES (52.4%)
ACI Worldwide, Inc. (USD), 5.75%, 08/15/2026 (a)	754,000	786,045
Adams Homes, Inc. (USD), 7.50%, 02/15/2025 (a)	1,054,000	1,032,920
Adient US LLC (USD), 9.00%, 04/15/2025 (a)	328,000	365,310
Alliance Data Systems Corp. (USD), 4.75%, 12/15/2024 (a)	1,267,000	1,171,975
ASGN, Inc. (USD), 4.63%, 05/15/2028 (a)	830,000	848,675
Banff Merger Sub, Inc. (EUR), 8.38%, 09/01/2026 (a)	725,000	867,456
Bausch Health Americas, Inc. (USD), 8.50%, 01/31/2027 (a)	786,000	874,425
Bausch Health Cos., Inc.
(USD), 7.00%, 03/15/2024 (a)	106,000	110,768
(USD), 6.25%, 02/15/2029 (a)	1,163,000	1,235,455
Berry Global, Inc. (USD), 4.88%, 07/15/2026 (a)	771,000	814,369
Boyd Gaming Corp. (USD), 8.63%, 06/01/2025 (a)	745,000	821,273
Bruin E&P Partners LLC (USD), 8.88%, 08/01/2023 (a)(d)	951,000	476
Calpine Corp. (USD), 4.63%, 02/01/2029 (a)	692,000	698,906
Carrier Global Corp. (USD), 2.49%, 02/15/2027 (a)	434,000	457,228
CCO Holdings LLC / CCO Holdings Capital Corp.

See accompanying Notes to Statements of Investments.

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

(USD), 5.75%, 02/15/2026 (a)	$	795,000	$	830,775
(USD), 4.50%, 08/15/2030 (a)		251,000		266,035
(USD), 4.25%, 02/01/2031 (a)		545,000		568,429
Cedar Fair LP (USD), 5.25%, 07/15/2029		507,000		478,963
CenturyLink, Inc. (USD), 5.13%, 12/15/2026 (a)		570,000		597,788
ChampionX Corp. (USD), 6.38%, 05/01/2026		668,000		626,250
Cheniere Corpus Christi Holdings LLC (USD), 5.13%, 06/30/2027		1,815,000		2,051,768
Cheniere Energy Partners LP, Series WI (USD), 5.25%, 10/01/2025		753,000		771,825
Cincinnati Bell, Inc. (USD), 8.00%, 10/15/2025 (a)		570,000		601,470
Citizens Financial Group, Inc., (fixed rate to 10/06/2025, variable rate thereafter), Series F, VRN (USD), 5.65%, 10/06/2025 (b)		759,000		804,540
Clean Harbors, Inc. (USD), 4.88%, 07/15/2027 (a)		570,000		604,263
Cleveland-Cliffs, Inc. (USD), 6.75%, 03/15/2026 (a)		149,000		149,745
Consolidated Communications, Inc. (USD), 6.50%, 10/01/2022		860,000		843,875
Continental Resources, Inc. (USD), 4.38%, 01/15/2028		465,000		433,752
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (USD), 5.63%, 05/01/2027 (a)		1,260,000		1,178,100
CSC Holdings LLC
(USD), 10.88%, 10/15/2025 (a)		1,630,000		1,747,523
(USD), 5.75%, 01/15/2030 (a)		211,000		233,904
Dell International LLC / EMC Corp. (USD), 5.30%, 10/01/2029 (a)		1,080,000		1,245,265
DISH DBS Corp. (USD), 5.88%, 07/15/2022		875,000		923,125
DISH Network Corp. (USD), 3.38%, 08/15/2026 (f)		455,000		418,887
Encompass Health Corp. (USD), 5.13%, 03/15/2023		1,095,000		1,100,705
Energy Transfer Operating LP, (fixed rate to 05/15/2025, variable rate thereafter), Series F, (USD), 6.75%, 05/15/2025 (b)		830,000		670,225
Enviva Partners LP / Enviva Partners Finance Corp. (USD), 6.50%, 01/15/2026 (a)		699,000		753,172
EQM Midstream Partners LP
(USD), 6.00%, 07/01/2025 (a)		262,000		277,893
(USD), 6.50%, 07/01/2027 (a)		343,000		378,192
EQT Corp. (USD), 7.88%, 02/01/2025		358,000		394,695
ESH Hospitality, Inc. (USD), 4.63%, 10/01/2027 (a)		909,000		874,731
Fair Isaac Corp. (USD), 4.00%, 06/15/2028 (a)		507,000		530,322
Ford Motor Co.
(USD), 8.50%, 04/21/2023		827,000		918,111
(USD), 9.00%, 04/22/2025		1,189,000		1,400,791
(USD), 9.63%, 04/22/2030		52,000		68,993
Ford Motor Credit Co. LLC
(USD), 5.13%, 06/16/2025	��	400,000		426,428
(USD), 4.39%, 01/08/2026		590,000		606,036
Gartner, Inc. (USD), 4.50%, 07/01/2028 (a)		635,000		666,750
GCI LLC
(USD), 6.63%, 06/15/2024 (a)		265,000		278,968
(USD), 6.88%, 04/15/2025		660,000		683,925
General Motors (Escrow Shares)
(USD), 8.80%, 03/01/2049 (g)		7,200,000		—
(USD), 8.38%, 07/15/2049 (g)		3,550,000		—
General Motors Financial Co., Inc., (fixed rate to 09/30/2027, variable rate thereafter), Series A, (USD), 5.75%, 09/30/2027 (b)		2,258,000		2,127,457
GLP Capital LP / GLP Financing II, Inc. (USD), 4.00%, 01/15/2031		1,215,000		1,260,866
Goodyear Tire & Rubber Co. (The) (USD), 9.50%, 05/31/2025		1,042,000		1,170,947
Gray Television, Inc. (USD), 7.00%, 05/15/2027 (a)		430,000		469,775
HCA, Inc. (USD), 5.88%, 02/15/2026		1,430,000		1,673,529
Howmet Aerospace, Inc. (USD), 6.88%, 05/01/2025		623,000		707,402
International Game Technology PLC (EUR), 3.50%, 06/15/2026 (a)		722,000		809,885
IQVIA, Inc. (EUR), 2.88%, 06/15/2028 (a)		718,000		862,884

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Iron Mountain, Inc.
(USD), 5.25%, 03/15/2028 (a)	$	1,160,000	$	1,218,000
(USD), 5.00%, 07/15/2028 (a)		150,000		155,250
(USD), 5.25%, 07/15/2030 (a)		420,000		440,475
JBS Investments II GmbH (USD), 5.75%, 01/15/2028 (a)		1,364,000		1,448,295
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. (USD), 5.50%, 01/15/2030 (a)		375,000		413,438
Macy's, Inc. (USD), 8.38%, 06/15/2025 (a)		629,000		658,513
MDC Holdings, Inc. (USD), 6.00%, 01/15/2043		1,855,000		2,133,250
Meredith Corp. (USD), 6.88%, 02/01/2026		650,000		564,655
MGM Resorts International
(USD), 6.75%, 05/01/2025		790,000		821,600
(USD), 4.63%, 09/01/2026		630,000		609,802
Midcontinent Communications / Midcontinent Finance Corp. (USD), 5.38%, 08/15/2027 (a)		642,000		666,473
Minerals Technologies, Inc. (USD), 5.00%, 07/01/2028 (a)		463,000		480,501
Moss Creek Resources Holdings, Inc. (USD), 7.50%, 01/15/2026 (a)		924,000		538,230
MPT Operating Partnership LP / MPT Finance Corp.
(GBP), 2.55%, 12/05/2023		245,000		320,286
(GBP), 3.69%, 06/05/2028		782,000		1,033,258
Navient Corp.
(USD), 6.50%, 06/15/2022		1,150,000		1,201,750
(USD), 5.50%, 01/25/2023		300,000		307,500
NCL Corp. Ltd. (USD), 10.25%, 02/01/2026 (a)		612,000		609,705
Netflix, Inc. (USD), 3.63%, 06/15/2025 (a)		1,325,000		1,404,500
Novelis Corp. (USD), 5.88%, 09/30/2026 (a)		1,355,000		1,445,663
NRG Energy, Inc. (USD), 7.25%, 05/15/2026		838,000		903,791
Occidental Petroleum Corp.
(USD), 3.13%, 02/15/2022		521,000		513,029
(USD), 2.60%, 04/15/2022		425,000		412,701
(USD), 3.50%, 06/15/2025		730,000		689,441
(USD), 3.00%, 02/15/2027		245,000		216,213
(USD), 4.40%, 08/15/2049		750,000		610,808
Parsley Energy LLC / Parsley Finance Corp. (USD), 5.63%, 10/15/2027 (a)		1,345,000		1,408,887
Photo Holdings Merger Sub, Inc. (USD), 8.50%, 10/01/2026 (a)		1,560,000		1,443,780
Qwest Capital Funding, Inc.
(USD), 6.88%, 07/15/2028		1,015,000		1,016,269
(USD), 7.75%, 02/15/2031		1,020,000		1,039,380
Rattler Midstream LP (USD), 5.63%, 07/15/2025 (a)		479,000		505,244
Sealed Air Corp. (USD), 4.00%, 12/01/2027 (a)		71,000		73,485
Select Medical Corp. (USD), 6.25%, 08/15/2026 (a)		670,000		721,925
Sirius XM Radio, Inc. (USD), 5.50%, 07/01/2029 (a)		635,000		707,231
Six Flags Entertainment Corp. (USD), 4.88%, 07/31/2024 (a)		510,000		484,347
Six Flags Theme Parks, Inc. (USD), 7.00%, 07/01/2025 (a)		391,000		419,664
SM Energy Co. (USD), 6.75%, 09/15/2026		1,180,000		590,000
Sprint Capital Corp. (USD), 6.88%, 11/15/2028		520,000		674,284
Sprint Corp. (USD), 7.88%, 09/15/2023		710,000		823,600
Staples, Inc.
(USD), 7.50%, 04/15/2026 (a)		920,000		807,116
(USD), 10.75%, 04/15/2027 (a)		215,000		136,525
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (USD), 7.50%, 06/15/2025 (a)		1,165,000		1,071,800
Tecnoglass, Inc. (USD), 8.20%, 01/31/2022 (a)		1,617,000		1,639,315
TEGNA, Inc. (USD), 4.63%, 03/15/2028 (a)		833,000		822,587
Tempo Acquisition LLC / Tempo Acquisition Finance Corp. (USD), 6.75%, 06/01/2025 (a)		799,000		824,967
Tenet Healthcare Corp.
(USD), 4.63%, 07/15/2024		1,217,000		1,244,382
(USD), 4.63%, 06/15/2028 (a)	$	513,000	$	539,522

See accompanying Notes to Statements of Investments. 

Statement of Investments (continued)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Univision Communications, Inc. (USD), 6.63%, 06/01/2027 (a)	618,000	619,730
USA Compression Partners LP / USA Compression Finance Corp. (USD), 6.88%, 09/01/2027	913,000	933,351
Vail Resorts, Inc. Co. (USD), 6.25%, 05/15/2025 (a)	42,000	45,255
VICI Properties LP / VICI Note Co., Inc. (USD), 4.13%, 08/15/2030 (a)	846,000	856,152
Vistra Operations Co. LLC (USD), 5.63%, 02/15/2027 (a)	540,000	579,695
Western Midstream Operating LP
(USD), 4.10%, 02/01/2025	159,000	158,618
(USD), 4.50%, 03/01/2028	183,000	183,458
(USD), 4.75%, 08/15/2028	1,207,000	1,215,763
Wolverine World Wide, Inc. (USD), 6.38%, 05/15/2025 (a)	502,000	527,728
WPX Energy, Inc.
(USD), 5.75%, 06/01/2026	656,000	669,120
(USD), 5.25%, 10/15/2027	465,000	458,606
Wyndham Destinations, Inc.
(USD), 5.40%, 04/01/2024	1,000,000	999,660
(USD), 6.63%, 07/31/2026 (a)	246,000	253,910
		88,886,728
ZAMBIA (1.2%)
First Quantum Minerals Ltd.
(USD), 7.25%, 05/15/2022 (a)	745,000	743,137
(USD), 7.25%, 04/01/2023 (a)	672,000	674,990
(USD), 6.88%, 03/01/2026 (a)	699,000	700,748
		2,118,875
Total Corporate Bonds		157,219,629
BANK LOANS (0.2%)
UNITED KINGDOM (0.2%)
Froneri International Ltd., 2020 USD 2nd Lien Term Loan (USD), 0.18%, 01/31/2028	316,000	304,940
Total Bank Loans		304,940
COMMON STOCKS (0.0%)
UNITED KINGDOM (0.0%)
Brighthouse Financial, Inc.(g)(h)	35,521	—
Total Common Stocks		0
EXCHANGE-TRADED FUNDS (3.0%)
UNITED STATES (3.0%)
iShares iBoxx High Yield Corporate Bond ETF	60,000	5,123,400
Total Exchange-Traded Funds		5,123,400
short-term Investment (3.9%)
UNITED STATES (3.9%)
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.09%(i)	6,582,720	6,582,720
Total Short-Term Investment		6,582,720

See accompanying Notes to Statements of Investments. 

Statement of Investments (concluded)

July 31, 2020 (Unaudited)

Aberdeen Global High Income Fund

Total Investments (Cost $167,045,490) —99.7%		169,230,689
Other Assets in Excess of Liabilities—0.3%		485,018
Net Assets—100.0%	$	169,715,707

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents the next call/put date.
(c)	Payment-in-kind. This is a type of bond that pays interest in additional bonds rather than in cash.
(d)	Security is in default.
(e)	Variable Rate Instrument. The rate shown is based on the latest available information as of July 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(f)	Convertible Bond
(g)	Level 3 security. See Note 1(a) of the accompanying Notes to Statements of Investments.
(h)	Illiquid security.
(i)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2020.
ETF	Exchange-Traded Fund
EUR	Euro Currency
GBP	British Pound Sterling
PIK	Payment In Kind
PLC	Public Limited Company
USD	U.S. Dollar

At July 31, 2020, the Fund's open forward foreign currency exchange contracts were as follows:

Purchase Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Appreciation
British Pound/United States Dollar
10/07/2020	Royal Bank of Canada (UK)	GBP	450,000	USD	566,593	$	589,253	$	22,660
10/07/2020	UBS AG	GBP	125,000	USD	158,254		163,682		5,428
Euro/United States Dollar
10/07/2020	UBS AG	EUR	1,373,000	USD	1,543,927		1,619,533		75,606
						$	2,372,468	$	103,694

Sale Contracts Settlement Date*	Counterparty	Amount Purchased		Amount Sold		Fair Value		Unrealized Depreciation
United States Dollar/British Pound
10/07/2020	Citibank N.A	USD	7,243,543	GBP	5,811,000	$	7,609,222	$	(365,679	)
United States Dollar/Euro
10/07/2020	Citibank N.A	USD	901,230	EUR	796,000		938,928		(37,698	)
10/07/2020	Royal Bank of Canada (UK)	USD	22,360,929	EUR	19,857,000		23,422,482		(1,061,553	)
						$	31,970,632	$	(1,464,930	)

* Certain contracts with different trade dates and like characteristics have been shown net.

See accompanying Notes to Statements of Investments.

Notes to Statements of Investments

July 31, 2020 (Unaudited)

1. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Aberdeen Investment Funds (the “Trust”) in the preparation of their financial statements. (Each series of the Trust are also referred to herein as a “Fund” or collectively, the “Funds”.) The policies conform to accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The books and records of the Funds are maintained in U.S. Dollars.

a. Security Valuation

The Funds value their securities at current market value or fair value, consistent with the Funds' valuation procedures (the "Valuation Procedures") and regulatory requirements. Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time).

Each Fund’s assets for which market quotations are readily available are valued at fair value on the basis of quotations furnished by a pricing service or provided by securities dealers. Equity investments are generally valued using the last sale price or official closing price taken from the primary market in which each security trades, or if no sales occurred during the day, at the mean of the current quoted bid and ask prices.

Foreign equity securities that are traded on foreign exchanges that close prior to 4:00 p.m. Eastern time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined confidence threshold.

Per an amendment to the Valuation Procedures that became effective February 21, 2017, fixed income securities, which previously had been generally valued using the mean of bid and ask prices, are now generally valued using bid prices provided directly by independent third party services or provided directly from one or more broker dealers or market makers, each in accordance with the Valuation Procedures approved by the Trust’s Board of Trustees (the “Board”). The pricing services may use valuation models or matrix pricing, which consider yield or prices with respect to comparable bond quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as credit rating, interest rates and maturity date, to determine current fair value. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, and strategies employed by the Funds’ investment adviser, Aberdeen Asset Management Inc. (the “Adviser”), generally trade in round lot sizes. In certain circumstances, fixed income securities may be held or transactions may be conducted in smaller “odd lot” sizes. Odd lots may trade at lower, or occasionally, higher prices than institutional round lot trades. Short-term fixed income securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value.

Assets and liabilities initially expressed in foreign currency will be converted into U.S. Dollar values. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost if it represents the best approximation for fair value. To the extent each Fund invests in other open-ended funds, the Fund will calculate its net asset value ("NAV") based upon the NAV of the underlying funds in which it invests. The prospectuses of these underlying funds explain the circumstances under which they will use good faith fair value pricing and the effects of such fair value pricing.

Notes to Statements of Investments (concluded)

July 31, 2020 (Unaudited)

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, which has an objective to maintain a $1.00 NAV, which is not guaranteed. Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.

Derivative instruments are generally valued according to the following procedures. For forward currency exchange contracts the market value is interpolated by the pricing agent by using forward spot points obtained from an authorized pricing service. Futures contracts are generally valued at the most recent settlement price as of NAV determination. Generally for swap agreements, if quotes are unavailable from authorized pricing services swap pricing is determined using a modelling tool which considers and forecasts the impact of cash flow projections, prevailing and expected interest rate movements, and potential credit events. Swap prices are generally evaluated based upon the latest available data provided by the counterparty and rely upon an industry accepted modelling tool.

When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of a Fund’s assets are determined in good faith in accordance with the Valuation Procedures. For options, swaps and warrants, a fair value price may be determined using readily available market quotations, prices provided by independent pricing services, or by using modeling tools provided by industry accepted financial data service providers. Key inputs to such tools may include yield and prices from comparable or reference assets, maturity or expiration dates, ratings and interest rates. In addition, the Adviser, through its pricing committee, may determine the fair value price in accordance with the Valuation Procedures approved by the Board.